Headlines

Pandora Axes 100+ Multibranded Stores

The cuts are part of a trend for the company.

Published

7 years ago

November 3, 2016

INSTORE Staff

Pandora ended the third quarter with 1,576 multibranded stores in its Americas network, a decrease of 103 from the beginning of the period.

The cuts are part of a trend for the the Danish jewelry manufacturer and retailer. In October, as part of the strategy to focus on the branded sales channel, Pandora decided to close about 700 multibranded stores in North America — around 80 percent in the U.S. and 20 percent in Canada.

During the third quarter, which ended Sept. 30, the company also added 121 shop-in-shops in the Americas, bringing the number to 919. It said 110 of the shop-in-shop additions were related to a collaboration with Jared in the U.S.

Shop-in-shop revenue in Americas increased 36 percent compared to third-quarter 2015, primarily due to the Jared upgrades.

Pandora also added 19 concept stores in the Americas in the quarter, bringing the total to 559.

The firm reported third-quarter net profit of nearly $209 million.

Read the full earnings report

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”